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13 May 2010

Now foreign citizens/institutions and Sri Lankans resident overseas can invest in Sri Lanka and earn best returns on your foreign currency with a Special Foreign Investment Deposit Account, SFIDA.

You have the option of maintaining your SFIDA account in a designated foreign currency and earn a higher interest than what you could earn in most other Financial Centres, or maintaining your SFIDA account in Sri Lankan Rupees (LKR) and get a much higher return of app. 8 to 10pct.

All SFIDA accounts are exempted from Income Tax, Withholding Tax, Debit Tax and other levies. At maturity, your capital and interest can be converted to any of the designated currencies of your choice at the prevailing exchange rate and repatriated without any exchange control restrictions.

SFIDA accounts range from one month to 12 months, and the interest rate applicable will vary depending on the prevailing market rate.

Permitted Credits
• Proceeds of inward remittances received from abroad through banking system.
• Foreign currency in the form of travellers' cheques, bank drafts or bank notes brought in to the country by the account holder on the declaration to Sri Lanka customs as applicable during his temporary visits to Sri Lanka and tendered in person to the Authorised Dealer, provided that the travellers' cheques have been issued outside Sri Lanka and the bank drafts endorsed in the name of the account holder.
• Interest accruing on the funds held in the account.

With the incresing interest rates offered onTreasury Bill/Bonds, Sri Lanka government securities will again attract world attention. Don't forget that Investors in US & Europe has nowhere to go but Asian countries that offer better rates and security. Especially the concerns about sovereign defaults of European nations are in the air now!

Since the dawn of peace in 2009, Sri Lanka's investor-friendly economy has been growing at over 6% per year. The recently elected government is fully dedicated to good governance and transparency, and has already reconnected the country to the wider world and attendant opportunities.
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